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CA FOUNDATION

(CPT has been discontinued wef July 2017)

The Council of the Institute of Chartered Accountants of India (ICAI) has proposed to amend the Chartered Accountants Regulations, 1988 through the Chartered Accountants (Amendment) Regulations, 2016.

As a result of this amendment, the registration for the Common Proficiency Course (CPC) shall be discontinue with effect from July 2017. In other words, after the commencement of registration for the Foundation Course, the CA Institute discontinue the registration for the Common Proficiency Course. Accordingly, the Council of ICAI shall discontinue holding the Common Proficiency Test (CPT) after commencement of CA Foundation examination.

As per the revised Scheme of Education and Training the candidates shall be required to pass the Foundation Examination instead of Common Proficiency Test to enter into the CA Course. The candidates are required to pass the Foundation Examination as per the syllabus approved by the Council from time to time under regulation 25F.

COURSE DETAIL

Eligibility for Registration in CA Foundation Course

As per newly inserted Regulation 25E in the Chartered Accountants Regulations, 1988, you have to fulfil the following criteria to register yourself for the Foundation Course of ICAI. That means you will be eligible for registration in CA Foundation Course if you have:

1) Appeared in 12th Class Exam:
Senior Secondary (10+2) i.e. Higher Secondary (HS) Examination conducted by an examining body constituted by law in India; or

2) Appeared in 10+2 Equivalent Exam:
An examination recognised by the Central Government (CG) or the State Government (SG) as equivalent to 12th Class examination for the purpose of admission to graduation course.


Syllabus

Paper 1: Principles and Practices of Accounting (Two Hours- 100 Marks)

Paper 2: Business Mathematics and Logical Reasoning & Statistics (Two Hours- 100 Marks)
Part I: Business Mathematics and Logical Reasoning (60 Marks)
Part II: Statistics (40 Marks)

Paper 3: Mercantile Law & General English (Two Hours- 100 Marks)
Part I: Mercantile Law (60 Marks)
Part II: General English (40 Marks)

Paper 4: Business Economics & Business and Commercial Knowledge (Two Hours- 100 Marks)
Part I: Business Economics (60 Marks)
Part II: Business and Commercial Knowledge (40 Marks)

Note that Paper-3 and Paper-4 will be Objective type papers.


Eligibility for Admission to the CA Foundation Examination

In accordance with the newly inserted Regulation 25F, the following candidates shall be eligible for admission to the CA Foundation Examination to be conducted by the CA Institute.

1) Register with ICAI:
You have to register with the Board of Studies (BOS) of the Institute of Chartered Accountants of India on or before the following last date:

  1. For May term of CA Foundation Exam: 31st day of December Last Year.
    For December term of CA Foundation Exam: 30th day of June of Current Year.
  2. In other words, the last date to register with ICAI for eligible to appear in the CA Foundation Examination to be held in the months of November or May is 30th day of June or 31st day of December respectively.

2) Class XII Passed Candidates:
You have passed the Senior Secondary (10+2) examination conducted by an examining body constituted by law in India or an examination recognised by the Central Government or the State Government as equivalent thereto for the purpose of admission to graduation course.


Requirement for passing CA Foundation Examination

According to newly inserted Regulation 36B, a candidate for the CA Foundation Examination shall ordinarily be declared to have passed the examination if the candidate:

  1. Obtains at one sitting a minimum of forty per cent. (40%) marks in each paper; and
  2. A minimum of fifty per cent. (50%) marks in the aggregate of all the papers.

Note that the Council of CA Institute has approved the criteria of negative marking for Papers 3 & 4 only and
not for subjective papers i.e. 1 & 2.

CA INTERMEDIATE

Intermediate level is the second level of C.A. Course.
Candidates can get registered for this level through two routes, namely

1. After Qualifying C.A. Foundation Course, or
2. Through Direct Entry,

If Candidates are Graduates or Post Graduates (with minimum 55% marks for Commerce Graduates and 60% marks for Other Graduates) or have passed the Intermediate level of the Institute of Companies Secretaries of India and or the Institute of Cost Accountants of India, then can be directly admitted to the Intermediate level of C.A. Course.

Practical Training or Articleship :-

This level of C.A. Education focuses on the need for practical knowledge along with the theoretical aspects. A student would undergo theoretical education and three years of practical training after passing either Group – 1 or both Groups of Intermediate level. But before commencement of practical training, one has to successfully complete four weeks Integrated Course on information technology and soft skills (ICITSS) at any time after getting registered for Intermediate Course.

COURSE DETAIL

Group 1

Paper 1 : Accounting (Maximum 100 Marks )
It covers the Framework for preparation and Presentation of Financial Statements (as per AS), process of formulation of AS / Ind AS, National and International Accounting authorities, adoption of Financial Reporting Standards, Important Accounting Standards – (ASs) AS – 1, 2, 3, 4, 5, 10, 11, 12, 13, 16, 17, 22, Company Accounts, Accounting for special transactions (Insurance, Investment, Hire – Purchase & Installment sale transactions), Some special types of Accounting (Departmental Accounting, Accounting for Branches, Accounts from incomplete Records), Issues regarding Dissolution of Partnership firms etc.

Paper 2 : Corporate and Others Laws (Maximum 100 Marks )
This paper has been divided into two parts :

Part I: Company Laws (60 Marks) :
It Covers the provisions of section 1 to section 148 of THE COMPANIES ACT, 2013.

Part II : Other Laws (40 Marks) :
It has The Indian Contract Act, 1872, The Negotiable Instruments Act, 1881, The General Clauses Act, 1897, and Interpretation of Statutes.

Paper 3 : Cost & Management Accounting (Maximum 100 Marks )
It includes objectives and scope of Cost and Management Accounting, Cost concepts, Elements of Cost and Preparation of Cost Sheets, Ascertainment of Material Cost, Employee Cost, Direct expenses, Overheads, Concept of ABC, Costing of Service Sector, Standard & Marginal Costing, Budget etc.

Paper 4 : Taxation (Maximum 100 marks)
This paper has been divided into two sections :

Section A : Income Tax (50 Marks)
It Covers Concept of previous year & Assessment year, Basis of Charge and Rates of tax, Residential Status, Heads of Income and its Relevant Provisions, Provisions relating to clubbing of incomes, Concept of Set-off & Carry – forward and Set-off of Losses, Provisions relating to filing of returns, and Self – Assessment.

Section B : Indirect Taxes (50 Marks)
It Covers concept and features of Indirect taxes, Principal Indirect Taxes, Goods and Services Tax (GST) Laws.


Group 2

Paper 5 : Advanced Accounting (Maximum 100 marks)
It Covers AS – 7, 9, 14, 18, 19, 20, 24, 26, 29, Different Guidance Notes issued by ICAI, Company Accounts (Special Aspects), Re-organization of Companies, Financial Reporting of Banking, Financial Services & Insurance (BFSI), Valuation of Goodwill, Consolidated Financial Statements.

Paper 6 : Auditing & Assurance (Maximum 100 marks)
To understand the Nature, objective and scope of Audit, Auditing Concepts, Standard setting process, Engagement Standards, Audit Strategy, Audit Planning and Audit Programme, Audit Documentation and Audit Evidence, Risk Assessment and Internet Control, Fraud & Responsibilities of the Auditor, Audit in an Automated Environment Audit Sampling, Analytical Procedures, Audit of items of Financial Statements, the Company Audit, Audit Report, Audit of Banks, Audit of different types of Entities.

Paper 7 : Enterprise information Systems & Strategic Managment (Maximum 100 marks)
This paper has been divided into two parts :

Part I : Enterprise Information System (50 Marks)
It Covers basic understanding of technology enabled Information System and their impact on enterprise wide processes, risks & Controls and other Aspects like Automated Business Processes, Financial & Accounting Systems, Information system & its Components, E-Commerce, M-Commerce, etc.

Part II : Strategic Management (50 Marks)
It includes Introduction to Strategic Management, Dynamics of Competitive Strategy, Strategic Management processes, Corporate level Strategies & other Different Strategies, Strategy Implementation & Control.

Paper 8 : Financial Management & Economics for Finance(Maximum 100 marks)
This paper has been divided into two sections :

Section A : Financial Management (60 Marks)
It includes basic knowledge of Financial Management Functions, Financial Analysis through Ratios, Financial decisions regarding sources of finance, lease financing, cost of capital, Capital Structure decisions and leverages etc.

Section B : Economic for Finance (40 Marks)
It includes basic knowledge of Public Finance, the money market, the international trade and some important concepts regarding determination of national income.

CA FINAL

Final Course is the last level of C.A. Course. After qualifying both the groups of Intermediate course, student can get registered for C.A. Final Course. Candidate can appear in C.A. Final examination during last 6 months of practical training. But before appearing in C.A. Final exam, one has to successfully complete four weeks Advanced Integrated Course on Information Technology and Soft Skills (AICITSS) during the last two years of practical training.

COURSE DETAIL

Paper 1 : Financial Reporting (Maximum 100 Marks )
It covers existing Accounting Standards (ASs) 15, 21, 23, 25, 27 and 28, Accounting Standards interpretations, Framework for preparation and presentation of Financial Statements in accordance with Indian Accounting Standards, Application of Ind AS with reference to general purpose Financial Statements, application of IFRS & US GAAP, Corporate Financial Reporting, Accounting for consolidated Financial Statements of Group Companies, Share Based Payments, Carbon Credits, E-commerce, Common defects in Financial Statements, Corporate Social Reporting, Human Resource Reporting, Integrated Reporting and Value Added Statements etc.

Paper 2 : Strategic Financial Managment (Maximum 100 Marks )
It Covers important concepts relating to Strategic decision making, financial policy, Risk evaluation & its classification, value at Risk (VAR) Security analysis, and its Valuation, Portfolio analysis, Capital Market theory, Securitization, Mutual funds, Derivatives, Foreign exchange, international financial management, etc.

Paper 3 : Advanced Auditing & Professional Ethics (Maximum 100 Marks )
It Covers Auditing Standards, Statements, Guidance Notes, Audit plan, Audit Program me and importance of Supervision, Risk Assessment and internal control, Special Aspects of Auditing in an Automated environment, Audit of Limited Companies, Audit Reports, Audit Reports & Certificates for special purpose engagement, Audit committee and corporate Governance, Audit of Consolidated Financial Statements, Special features of Audit of Banks, Insurance & Non – Banking Financial Companies, Audit under fiscal laws, Special audit assignments, Audit of Public Sector undertakings, and concepts related to Professional ethics etc.

Paper 4 : Corporate and Economic Laws (Maximum 100 marks)
This paper has been divided into two parts :

Part I : Corporate Laws (70 Marks) : This has two sections
Section A : Company Law
It Covers the entire provisions and relevant Rules & Regulations of the Companies Act, 2013 regarding appointment and Qualification of Directors, Appointment and remuneration of Managerial Personnel, Meetings of Board and its Power, Inspection, Inquiry and Investigation, Compromise, Arrangement and Amalgamations, prevention of oppression and Mismanagement, Winding up, Producer Companies, Companies incorporated outside India , Compounding offences, adjudication, special Courts, National Company Law Tribunal and Appellate Tribunal etc.

it Covers also Corporate Secretarial Practices like Drafting Notices, Resolutions, Minutes & Reports etc.

Section B : Securities Laws
It includes The Securities Contract (Regulation) Act, 1956 and the Securities Contract (Regulation) Rules, 1957: introduction and important provisions.

The Securities Exchange Board of India Act, 1992, SEBI (Issue of Capital and Disclosure Requirement) Regulation, 2009 and SEBI (Listing obligations and Disclosure Requirement) Regulations, 2015.

Part II : Economic Laws (30 Marks)
It Covers a�? The Foreign Exchange Management Act, 1999, The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the Prevention of Money Laundering Act, 2002, Foreign Contribution Regulation Act, 2010, the arbitration and conciliation Act,1996,the Insolvency and Bankruptcy Code, 2016

Paper 5 : Strategic Cost Management and Performance Evaluation (Maximum 100 marks)
It contains concept of Strategic Cost Management, Limitations of Traditional Cost Management, Characteristics of the Modern Business Environment, Cost of Quality, TQM, Supply Chain Management, J/T, Kaizen Costing, Total productive – Maintenance, Six Sigma (SS), Cost Control, Cost Reduction, Pareto analysis, value Analysis, Life Cycle Costing, Power Sector, Relevant Costing, ABC Costing, Theory of Product Pricing, Pricing – New Product, Sensitivity analysis, Pricing Strategies, Transfer pricing, Responsibility Accounting, Budgetary Control, Standard Costing, and Application of few Quantitative Techniques like Linear Programming, Learning curve / Experience Curve.

Paper 6A : Risk Management (Maximum 100 marks)
It includes the concept of Risk, Risk and uncertainty; Distinction, classification of risks, Dynamic Nature of Risks, Types of Risk, Sources and Evaluation of Risks, Concept of Risk Management, objective and process of Risk Management, Risk Management Techniques, Quantitative analysis, Risk Model, Credit Risk Measurement and Management, Risks associated with Corporate Governance, Enterprise Risk Management, Operational Risk Management etc.

Paper 6B : Financial Services and Capital Markets (Maximum 100 marks)
It contains information to Global Financial Market, Role of Financial Market in Economic Development, Indian Financial Market Schenario, Credit policy of R.B. I, Fed Policy, Inflation Index, CPI, WPI etc. Primary Capital Market, Secondary Capital Market, Money Market ( CRR, SLR, MIBOR, LIBOR etc.), Institutions and Intermediaries, Commodity market, Banking – Management, Mutual Fund etc.

Paper 6C : International Taxation (Maximum 100 marks)
It Covers various concepts of Transfer pricing Provisions under the Income Tax Act, 1961, like concept of Arma��s length price, international transactions, functions, Assets and Risk Analysis, Documentation & Compliances, other provisions relating to taxation of international transactions and Non – resident taxation under the Income tax Act, 1961, Non – resident taxation, Double taxation relief and Advance – Ruling, Law and procedures under the Black Money (Undisclosed Foreign Income and Assets) and imposition of Tax Act, 2015, other Aspects of International taxation – Model tax conventions, tax treaties, Application and interpretation, Anti Avoidance Measures, Taxation of E-Commerce transactions.

Paper 6D : Economic Laws (Maximum 100 marks)
It Covers entire coverage of WTO (World Trade Organization) Comprising of its Role, Principles, Functions and Dispute Settlement Mechanism, Competition Act, 2002 and its Rules & Regulations, Real Estate Act, 2016, Insolvency and Bankruptcy Code, 2016, Prevention of Money Laundering Act, 2002 and Rules / Regulations, Foreign Exchange Management Act, 1999 and Rules / Regulations, Prohibition for Benami Property Transactions Act, 1988 and Rules & Regulations.

Paper 6E : Global Financial Reporting Standards (Maximum 100 marks)
It Covers the key concepts and Principles of International Financial Reporting Standards, Conceptual framework for Financial Reporting as per IFRS, Application of financial Reporting Standards, Significant Differences between IFRS and US GAAPS.

Paper 6F : Multi Disciplinary Case Study
This paper will include case studies covering the following areas :-

  1. Financial Accounting and Reporting
  2. Audit and Assurance
  3. Taxation
  4. Finance and Financial Management
  5. Management Accounting
  6. Corporate Laws
  7. Business Strategy and Management

Paper 7 : Direct Tax Laws & International Taxation (Maximum 100 marks)
Part I : Direct Tax Laws (70 Marks)
It Covers the entire Law and procedure under the Income Tax Act, 1961 – Basis of charge, Residential status, different Heads of Income, Provisions relating to clubbing of Income, set-off and carry forward of Losses, Provisions relating to companies & persons other than Companies, Tax Planning Tax Avoidance, Tax evasion, T.D.S %, Refund, Assessment Procedure, Settlement of tax cases, penalties, offences & Prosecution ,Liability in special cases, etc.

Part II : International Taxation (30 Marks)
It Contains the provisions relating to taxation of International transactions and Non – residents, Double taxation relief, Advance rulings, Overview of Model tax conventions, tax treaties etc.

Paper 8 : Indirect Tax Laws (Maximum 100 marks)
Part I : Goods and Services Tax (75 Marks)
It Covers the entire provisions, Rules & Regulations, Notifications of the Central Goods and Services tax (CGST) Act, 2017 and Integrated Goods and Services tax (IGST) Act, 2017. It contains concepts related to Levy & Collection of CGST, IGST, Place of Supply, Time and value of supply, Input tax credit, Computation of GST Liability, Provisions relating to electronic commerce, Administration of GST, Assessment & Audit, Demand & Recovery,Appeals & Revisions etc.

Part II : Customs & FTP (25 Marks)
It Covers the entire provisions, Notifications of the Customs Act, 1962 and the customs Tariff Act, 1975 regarding Levy & Exemption from Custom Duties, its types, Classification and Valuation of import and export, Import and export procedures, provisions relating to coastal Goods and Vessels Carrying Coastal Goods – Warehousing, Drawback, Demand and Recovery, Refund, Provisions relating to Prohibited Goods Notified Goods, specified Goods, illegal importation / exportation of Goods Search, Seizure and other Provisions, and foreign trade policy to the extent relevant to the indirect tax Laws.